Shopping Complex Acquired by Companied in a Joint Venture

February 08, 2011 / Elizabeth Buckley, Commercial Property Analyst

A shopping complex in Taunton, Massachusetts, across New England’s largest office park is recently acquired by a real estate investment trust that focused on drug store-anchored and supermarket-anchored shopping centers— Cedar Shopping Centers, Inc. A definitive agreement is signed between Cedar Shopping Centers and Toronto-based RioCan Real Estate Investment Trust to acquire the shopping complex.

Shopping Complex Acquired by Companied in a Joint Venture

In DeKalb, Illinois, Phillips Edison and Company— manages and owns more than 26 million square feet of shopping centers across the U.S has recently acquires Glidden Crossing Shopping Center.

May Center Advisors’ Chris Labounty represented the seller of the 99,091- square- feet shopping complex, which is anchored by privately held grocery store chain in the Midwestern— Schnuck’s supermarket.

The shopping complex, recently acquired by Cedar Shopping Centers — Northwoods Crossing is anchored by major tenants including BJ’s Wholesale Club and Tractor Supply.

The 160,000 square feet shopping complex is a joint venture between — Cedar Shopping Centers for 20 percent and 80 percent from RioCan Real Estate Investment. The two companies acquired the shopping complex for about $23.5 million.

According to CEO at Cedar, Leo Ullman, the company’s recent venture with RioCan is inline with its business strategy if acquiring core properties within the food-based market at accretive prices.

Northwoods Crossing is said to be the 22nd property acquired by Cedar and Rican in a joint venture. The acquisition deal between the seller and the two companies is expected to close during the 2nd quarter of 2011— subject to standard closing process and lender approvals.

The company, according to company information, acquires core properties that are anchored with long-term-leasing-tenants, high occupancy, excellent credit, and with stable income flow.

Cedar Shopping Center mostly acquired shopping complex or centers within the New England and coastal Mid-Atlantic States.

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